MGM Resorts IPO attracts Kerkorian, Paulson
Two of MGM Resorts International's largest stockholders will invest a combined $125 million into the company's planned initial public offering on the Hong Kong Stock Exchange.
Billionaire financier Kirk Kerkorian, who is leaving MGM Resorts' board of directors, and hedge fund billionaire John Paulson, who acquired 9.5 percent of the company last year, are jumping into the IPO, through which the casino operator hopes to raise $1.5 billion.
Kerkorian is the 93-year-old founder of MGM Resorts who announced last month he was leaving the board in June but will remain a senior adviser. He is investing $50 million in the IPO through his privately held Tracinda Corp.
Kerkorian, who lives in Los Angeles, owns 27 percent of MGM Resorts through Tracinda and is the company's largest shareholder.
Paulson, whose New York-based hedge fund has acquired large stakes in MGM Resorts, Caesars Entertainment Corp. and Boyd Gaming Corp., is investing $75 million in the IPO.
